Jurisdiction(s):
United Kingdom

Related legal acts

Key definition

Financial assistance definition

What does Financial assistance mean? Financial assistance describes funding or other support a company gives to help someone acquire its shares (or those of its holding company), such as a loan, guarantee, security or indemnity, whether provided before, at the time of, or after the acquisition. The concept is used across corporate and banking practice and is framed broadly in statute. United Kingdom (England & Wales, Scotland and Northern Ireland): Under the Companies Act 2006, the historic prohibition was abolished for private companies. A statutory ban still applies where a public company (or its subsidiaries) gives financial assistance for the acquisition of shares in...

Financial Assistance Scheme (FAS): benefits and calculation, caps (including long service), ill-health, survivor and dependants’ payments, commutation and indexation, early access, death benefit guarantee, and forthcoming UK legislative changes

Published by a LexisNexis Pensions expert

Practice notes

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FORTHCOMING CHANGE 1 :

Section 10 of the Finance Act 2022 will raise the normal minimum pension age (NMPA) from 55 to 57 on 6 April 2028, except for members of the firefighters, police and armed forces public service pension schemes. This increase applies broadly across registered schemes, subject to the stated exemptions. The same Act will also permit members of registered pension schemes to access benefits before 57 where, on or before 4 November 2021, they either held an ‘unqualified right’ to draw benefits, or were already engaged in a substantive transfer to a scheme providing an unqualified right to a protected pension age below 57 on or before 4 November 2021. To rely on this new protection applying in 2028, the scheme’s rules must, as at 11 February 2021, have contained an unqualified right to take entitlement to scheme benefits before age 57. For more detail, see Practice Note: Increasing the normal minimum pension age (NMPA) to 57—pensions impact.

FORTHCOMING CHANGE 2 :

The Pension Schemes Bill, anticipated to obtain Royal Assent in 2026, includes, among other measures, changes to the special rules for end-of-life payments within the PPF and the FAS...

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Web page updated on 21/05/2026

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